Natural Gas End of Day Summary: Henry Hub Climbs

Henry Hub is extending its uptick today, support by the gradual return of Freeport LNG from an outage. Front month is at its highest since July 15.

• US Natgas AUG 24 up 5.2% at 2.24$/mmbtu
• US LNG export terminal feedgas flows are today at 11.43bcf/d according to Bloomberg.
• US domestic natural gas production was at 102.0bcf/d yesterday compared to output of around 101bcf/d this time last year.
• Freeport LNG is on target to reach about half of its capacity on Monday according to preliminary LSEG data following its post Beryl restart.
• Domestic lower 48 natural gas demand is holding just above seasonal normal levels at 76.4bcf/d today.
• The US weather forecast has trended slightly warmer over the weekend.
• US cooling demand for the week ending July 27 is forecast to be 9 cooling degree days (CDD) above the long-term normal, according to Bloomberg, citing the NOAA.
• Global gas consumption is set to reach a record high of 4200bcm this year after growing by an estimated 3% yoy in the first half of 2024, according to IEA analyst Greg Molnar.
• The European gas price rally from February lows, despite softening balances, underlines the impact of Asian demand, according to the OIES Quarterly Gas Market Review.
• The pace of US LNG contracting in H1 2024 nearly matches the pace seen a year earlier, according to Energy Intelligence.
• El Paso Natural Gas (EPNG) has declared a force majeure at the Caprock Compressor Station in New Mexico, following an equipment failure, the company said in an announcement.
• South Korea’s KOMIPO has cancelled plans to build an LNG import terminal, Reuters said.
• Italy’s ENI plans to start up its second LNG facility offshore the Republic of Congo by the end of 2025, Platts said.